As of today Tuesday March 4, 2025. The Nigerian Naira (NGN) has experienced fluctuations against major global currencies. Below is an overview of both official and parallel market exchange rates for the US Dollar (USD), British Pound Sterling (GBP), and Euro (EUR).
Official Exchange Rates
According to the Central Bank of Nigeria (CBN), the official exchange rates are as follows:
- US Dollar (USD): ₦1,499.11 per USD
- British Pound Sterling (GBP): ₦1,898.47 per GBP
- Euro (EUR): ₦1,572.87 per EUR
Parallel Market Rates
In the parallel market, exchange rates differ from the official figures:
- US Dollar (USD): Buying at ₦1,715; Selling at ₦1,725
- British Pound Sterling (GBP): Buying at ₦2,235; Selling at ₦2,260
- Euro (EUR): Buying at ₦1,640; Selling at ₦1,680
Factors Influencing the Naira
Several factors contribute to the disparity between official and parallel market rates:
- Foreign Exchange Liquidity: Limited availability of foreign currency in official channels often drives individuals and businesses to seek alternatives in the parallel market.
- Economic Policies: Government policies on foreign exchange controls and import restrictions can impact the demand and supply dynamics of foreign currencies.
- Global Oil Prices: As a major oil exporter, fluctuations in global oil prices directly affect Nigeria’s foreign exchange earnings, subsequently influencing the Naira’s value.